Slotkin Hosts Webinar with SBA to Help Small Business Owners Navigate New PPP Loans
Press Release
U.S. Rep. Elissa Slotkin (MI-08) hosted a live webinar and Q&A this morning with small business owners, to help them navigate new PPP loans, EIDL loans, and other Small Business Association (SBA) programs that have become available through the newly-passed COVID relief bill. Slotkin joined Rob Scott, the Small Business Association's Great Lakes Regional Administrator, to conduct this webinar.
The full webinar is available here.
At the end of December, Congress passed bipartisan COVID relief legislation, for which Slotkin was a vocal advocate and champion in the House. Important points of feedback Slotkin received, particularly from small business owners, were included in that bill. Notable components of that bill for small business owners include:
Reopening and providing new funds for the Paycheck Protection Program (PPP), with funds set aside for companies with less than ten employees.
A new process for forgiveness of loans under $150,000. The new streamlined process will be a one page form, and will be released soon.
Allow a second round of PPP loans for the smallest, hardest hit businesses
Expands eligibility for the Paycheck Protection Program to 501(c)(6) organizations.
Includes additional "forgivable" expenses under the program, especially ones that will benefit our restaurants like plexiglass barriers, outdoor seating accommodations, and more
A separate assistance program was passed for small stages and venues.
In the webinar, Slotkin stressed that it is more important than ever to invest in the things that bring us together and to rebuild the connective tissue of our communities, noting that one of the ways we can do this by working together to help save our small businesses.
"Right now, in particular, we need to remember as much as possible that when we have overlapping interests and overlapping principles, we need to double down and invest in those things," Slotkin said. "We all care about saving our small businesses. We all care about our community's storefronts being full, and giving our kids that vibrant downtown community wherever we live."
Source